Ecuador Bottler Caps Sale to Group

Coca Cola del Ecuador, a local bottler formerly known as Ecuador Bottling Company (EBC), has sold itself to a local investor group, ending months of wrangling between its shareholders and outside suitors, say people familiar with the deal. The Correa Group – already a majority shareholder in the company with around 51% of the shares – is understood to have acquired a 34.5% stake in EBC for over $64m, leaving it with a combined stake of close to 85%. The private group is heard to have used its own cash to pay for the stake, which belonged to another shareholder in EBC called Nobis Group. Nobis originally sought a sale to Chile’s Kopolar. However, Correa Group had right of first refusal and reportedly considered legal action to bolster its claim to the stake. Earlier this year, Kopolar withdrew its bid for EBC in a filing. Ecuador’s Analytica Securities advised the sellers on the deal.